Insurance and financial services in Libya
Libya: Insurance and financial services was 96.1% in 2023. ◆ Volatile
Insurance and financial services in Libya, 2000–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
In 2023, insurance and financial services in Libya stood at 96.1%. That is the highest value across all 22 years on record.
Compared with earlier readings it is up 42.2% on the previous year and up 381.6% over ten years.
Over the whole period, insurance and financial services in Libya peaked at 96.1% in 2023 and was at its lowest, 2.2%, in 2008.
Libya ranks 1st of 190 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Libya, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 2000 | 16.8% | — |
| 2001 | 24.6% | +46.5% |
| 2002 | 13.5% | -45.4% |
| 2003 | 16.7% | +24.3% |
| 2004 | 17.1% | +2.3% |
| 2005 | 10.3% | -40.0% |
| 2006 | 14.3% | +39.2% |
| 2008 | 2.2% | -84.5% |
| 2009 | 16.4% | +638.9% |
| 2010 | 18.4% | +12.7% |
| 2012 | 21.4% | +16.2% |
| 2013 | 20.0% | -6.8% |
| 2014 | 41.2% | +106.3% |
| 2015 | 89.6% | +117.8% |
| 2016 | 41.5% | -53.7% |
| 2017 | 41.5% | -0.1% |
| 2018 | 41.5% | +0.0% |
| 2019 | 27.5% | -33.8% |
| 2020 | 34.6% | +26.0% |
| 2021 | 67.6% | +95.3% |
| 2022 | 67.6% | +0.0% |
| 2023 | 96.1% | +42.2% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 14.6% | 2.2% | 24.6% | 9 |
| 2010s | 38.1% | 18.4% | 89.6% | 9 |
| 2020s | 66.5% | 34.6% | 96.1% | 4 |
Countries ranked near Libya
- 2 Liberia 71.7% compare
- 3 Luxembourg 60.1% compare
- 4 Cayman Islands 55.2% compare
More private sector data for Libya
- Merchandise trade 102.7% (2025)
- Food imports 21.6% (2019)
- Manufactures imports 62.7% (2019)
- Merchandise imports 19.31 billion current US$ (2025)
- Food exports 0.1% (2019)
- Manufactures exports 0.6% (2019)
- Merchandise exports 30.09 billion current US$ (2025)
- Merchandise exports (current US$), per capita 4,034 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.6255 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate -0.3511 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Libya?
- Insurance and financial services in Libya was 96.1% in 2023, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Libya?
- The highest recorded value was 96.1% in 2023.
- What is the lowest insurance and financial services recorded in Libya?
- The lowest recorded value was 2.2% in 2008.
- How does Libya rank for insurance and financial services?
- Libya ranks 1st out of 190 countries with data for 2023.
- Is insurance and financial services rising or falling in Libya?
- Over the last ten years it is up 381.6%. The long-run trend across the full record is volatile.
- Where does this Libya data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of commercial service exports). Statizoid updates them automatically from the source API.
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About this data
Financial services covers services related to financial intermediation, financial risk management, liquidity transformation or auxiliary financial activities. It also includes insurance and pension scheme services which are services related to providing life insurance and annuities, non-life insurance, reinsurance, pensions, standardised guarantees and auxiliary services to insurance, pension schemes, and standardised guarantee schemes. This indicator is expressed as a percentage of service exports which are commercial services provided by residents to non-residents.